The value of exported goods from Iceland amounted to 82.1 billion ISK fob in July 2024 and the value of imported goods 116.0 billion ISK cif (109.2 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 33.9 billion ISK as compared with a trade deficit of 44.6 billion ISK in July 2023 at current rates of exchange.
The trade balance in July 2024 was therefore 10.7 billion ISK more favourable than during the same period last year. For the last 12 months the deficit in balance of trade in goods was 377.5 billion ISK or 2.6 billion ISK less favourable than during the previous 12 months.
Value of exported goods decreased by 5% for the last 12 months
The value of exported goods in July was 17.1 billion ISK (26%) higher than in July 2023, increasing from 64.9 billion ISK to 82.1 billion ISK.
For the last 12 months, the total value of exported goods was 938.7 billion ISK or 54.1 billion ISK lower (5%) than during the previous 12 months at current rates of exchange. Manufacturing products contributed 53% of the total exports, their value decreased by 9%. Marine products contributed 38% of total exported goods and their value decreased by 3% compared with the previous 12 months.
Value of imports decreased by 4% for the last 12 months
The value of imports of goods was 116.5 billion ISK in July 2024 compared with 109.5 billion ISK in July 2023. The increase was thus 6.5 billion ISK from July 2023 (6%).
For the last 12 months, the total value of imports of goods was 1,316.2 billion ISK, 51.5 billion ISK lower than during the previous 12 months. For larger categories, the biggest difference is increased value of food and beverages. On the other hand, there was a decrease in the value of imports of industrial supplies, transport equipment and fuels and lubricants.
The average value of the exchange rate index for the 12 months period was 194.3, indicating a 0.5% stronger rate of exchange than during the previous 12 months when the average exchange rate index was 195.2. The exchange rate weakened by 1.8% in July 2024 (194.9) compared with July 2023 (191.5).
Please note that the above numbers are preliminary and will be updated at the end of the month. Corrections and additional data can significantly affect the result.
Along with the preliminary figures for July, the final figures for June are published. Deviations from the preliminary figures in imports can mostly be attributed to the import of ships. Tables have been updated.